Letter of Intent Authorizes Next Steps for Nuclear Construction Feasibility

After a thorough, expert-driven review of proposals from global leaders in the nuclear power industry, the Santee Cooper Board of Directors approved today a letter of intent with Brookfield Asset Management (“Brookfield”) to guide final, exclusive negotiations with Brookfield concerning the two partially built AP1000 nuclear units in Fairfield County, SC.

The letter of intent establishes a six-week initial project feasibility period. In that period, the parties will jointly select a project manager and evaluate construction providers that would be used in resuming construction of the two nuclear units. The six weeks also would allow for advanced discussions with entities interested in buying nuclear power generated by the units and facilitate additional due diligence, leading to execution of a Memorandum of Understanding.

“Brookfield came to Santee Cooper with a proposal that set out the path to turn our prior nuclear investment into lasting value for our customers and all South Carolinians,” said Santee Cooper Board Chairman Peter McCoy. “Our goals include completing these reactors with private money and no ratepayer or taxpayer expense, delivering financial relief to our customers and gaining significant additional power capacity for South Carolina. Brookfield’s proposal would do just that, and the company has the financial capability to stand behind its proposal.”

“We thank Governor Henry McMaster and the South Carolina General Assembly members who were instrumental in encouraging Santee Cooper to conduct this bidding process,” said Santee Cooper President and CEO Jimmy Staton. “As we move closer to a final deal, our goal remains the same: to enable completion of these two units and thus provide 2,200 MW of carbon-free, reliable nuclear power that delivers energy security for South Carolina and specific benefits to Santee Cooper customers who are paying our initial investment.”

Staton noted that Santee Cooper’s strategic decision to maintain the equipment over the past eight years positions the Fairfield units for a quicker and less costly path to completion. “The state of the units, and the fact that they use the same Westinghouse AP1000 technology that is now operating in Georgia and overseas, make these assets very attractive to the nuclear power industry.”

One key element of resuming construction is the continued involvement of Westinghouse Electric Co., which designed and owns the AP 1000 technology. “Brookfield is a majority owner of Westinghouse, which added to their proposal,” Staton said.

With surging residential and industrial customer demand, and with the support of state leaders, last year Santee Cooper recognized a potential opportunity to sell the assets to a third party who would complete the unfinished nuclear units. The utility launched a competitive bidding process in January 2025, receiving initial expressions of interest from over 70 potential bidders and 15 formal proposals. Working with industry experts, Santee Cooper developed key financial, risk mitigation and execution criteria by which the final proposals were measured.

Completion of the two units could:

• Generate thousands of temporary construction jobs.
• Generate hundreds of highly skilled, permanent operational jobs.
• Strengthen and diversify South Carolina’s energy portfolio.
• Enhance grid reliability.
• Help attract new industries, bringing more jobs and other economic benefits.

Centerview Partners LLC served as financial advisor to Santee Cooper on the competitive process to sell its interest in the two partially built AP1000 nuclear units. J.P. Morgan also served as financial advisor to Santee Cooper.

For more than 90 years, Santee Cooper has been serving the people of South Carolina. The utility is South Carolina’s largest power provider and the ultimate source of electricity for 2 million people across the state. Through its affordable, reliable, and environmentally responsible electricity and water services, and through innovative partnerships and initiatives that attract and retain industry and jobs, Santee Cooper helps power South Carolina. To learn more, visit www.santeecooper.com and follow #PoweringSC on social media.

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